Attachmate Beats Novell Investors’ Suit Over $2.2B Deal

Law360, New York (February 13, 2012, 3:17 PM EST) -- A Massachusetts federal judge on Friday threw out a shareholder lawsuit against Attachmate Corp. over its $2.2 billion purchase of software company Novell Inc., saying the claims against Attachmate are too weak to proceed to trial.

Novell shareholders claimed Attachmate's purchase offer was “grossly inadequate” and said that the company aided alleged breaches of fiduciary duty by certain Novell board members who stood to profit personally from the transaction.

U.S. District Judge Rya Zobel ruled that the plaintiffs' claims were “obviously deficient” — the plaintiffs offered...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Desai v. Hovsepian et al


Case Number

1:10-cv-12076

Court

Massachusetts

Nature of Suit

Stockholders Suits

Judge

Rya W. Zobel

Date Filed

December 1, 2010

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.